8d • General discussion
Member Agreement vs Tenant Lease
Omid asked a question I think may be good to post up separately.
Padsplit and other co-living companies leverage a "Member Agreement" rather than a tenant lease.
I quick example of what the agreement holds is;
This Agreement is not a lease. Instead, it is an agreement whereby Member obtains ownership of a single Company Membership Unit for a continuing payment obligation, which entitles Member to certain benefits, including access to designated areas within the Property and the Room, as long as Member fulfills the continuing obligations outlined within this Agreement. If Member fails to fulfill the continuing obligations outlined within this Agreement, Member’s Company Membership Unit may be redeemed by Company and Member shall have no further rights to the Company Membership Unit, nor rights to access the Property or the Room. Member understands and agrees that this Agreement does not create a tenancy interest, a leasehold interest, or any other interest in the Property or the Room.
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Member Agreement vs Tenant Lease
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